Cash is now flowing from Greek banks at accelerated volumes, reducing accumulated deposits to the lowest for ten years. The country is due to pay money to the IMF on June 5th. It is unclear that it has the liquidity to do so. Christine Lagarde, IMF chief, is now saying a Greek euro exit ‘is a possibility’. If it happens Euroland will have to take responsibility for handling the whole crisis in an unrealistic way. It will have to make a much better fist of dealing with the consequences.